Businesses must prioritise workplace well-being
Employers who show support for workers’ mental health boost employee engagement, their bottom line and contribute to a better economy
THE cost of poor mental health for the Singapore economy has been estimated at S$16 billion. And, with many people struggling through a cost-of-living crisis, this is only expected to get rise.
Our global analysis shows that the mental health impact of the Covid-19 pandemic remains significant, despite the roll-out of vaccinations and the removal of restrictions.
Recent figures from the Telus Mental Health Index show that the overall score for the Singapore workforce remains unchanged over the past 12 months, and reflects a population whose mental health is significantly strained.
Faced with surging costs across the board, some Singaporeans are taking actions to the detriment of their health. Individual spending on health-related expenditure takes a hit as people bear down on costs. Not only does this negatively impact their physical health, there is a direct flow-on effect to their mental health.
The Mental Health Index also shows that 37 per cent of workers are at a high mental health risk – a four-times increase from global pre-pandemic levels.
If employers don’t step up to support their workforce, there will be a high price to pay. A significantly strained workforce has knock-on effects on workplace absenteeism, presenteeism and productivity. Combined with the cuts on health-related expenses and adding of financial stress, these circumstances can only deteriorate further.
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As work is a huge part of our lives, it is vital that it is seen as a safe and positive space. This, in turn, means employees are more engaged and productive because they feel supported and valued.
Fostering this culture doesn’t just come at the benefit of the workforce – it has a wider net positive effect on overall population health and the economy.
This issue is, many businesses still fail to offer adequate support.
Meaningful action over free yoga, please
When businesses implement mental health support, they often gravitate towards free yoga classes, discounted gym memberships and free fruit in the office. While these incentives are nice to have, they make minimal contribution to addressing mental health concerns.
Economic downturns and poor mental health are inextricably linked. A rocky economy and uncertain future is stressful for anyone and, for many, financial concerns top the list of present-day stressors.
Having a financial cushion can alleviate some of the uncertainties, but not everyone has the privilege of this security. For Singaporeans who lack added financial reserves, the challenge of planning their future amid a cost-of-living crisis, inflation, and the looming threat of a recession becomes an arduous struggle. Unsurprisingly, the consequences of these circumstances are significantly impacting mental wellbeing and relationships.
Considering that almost one-third of Singaporeans have had to cut back on health-related expenses due to inflation, work perks like free yoga are starting to look slightly inadequate in addressing the broader issue at hand.
Why paying attention to mental health is a sound business decision
We are familiar with terms like burnout, quiet quitting, and the Great Resignation. Turnover rates have affected many businesses as employees reach breaking point. It is critical that businesses assume responsibility for the mental health of their workforce before it is too late.
This goes beyond a well-being perk add-on – it becomes a vital commercial necessity. Addressing the mental health and well-being of staff is no longer a “nice to have” – rather, it is a commercial imperative.
Numerous studies have demonstrated that neglecting mental health concerns results in poorer employee wellbeing, diminished productivity, and increased attrition, which directly impacts both personal lives and job satisfaction. Moreover, poorer employee well-being can lead to a less competitive workforce, reduced economic output, and potentially slower economic growth.
Stronger mental health scores among workers directly contribute to improved engagement and productivity. Employers who grasp this concept understand that taking proactive measures benefits all parties involved, not to mention their bottom line.
Putting the right support in place
Promising strides have been made in promoting mental health awareness and support within the workplace.
Much of this progress can be attributed to the global surge of interest and advocacy in health and well-being, leading to more organisations implementing welfare policies and fostering discussions surrounding mental well-being concerns.
Nevertheless, many Singaporeans still face challenges in speaking up about their mental health due to associated stigmas.
It is vital for employers to acknowledge their role in cultivating a culture that encourages open communication channels, allowing employees to comfortably address their mental health concerns without fear of judgment or shame, and well before these concerns escalate into crises.
After all, the most favourable outcomes arise when businesses prioritise prevention and early intervention.
While recognition may serve as the initial step in prioritising workplace well-being, implementation stands as the most crucial aspect. Leaders need to be equipped with the right tools, guidance and training to effectively support their employees in addressing these issues.
Employers could provide access to confidential counselling services, such as employee assistance programmes (EAPs) or partnerships with external mental health providers. Allowing flexibility, whether this is in terms of working hours or tasks, is another way employers can prioritise workforce well-being.
With financial worries top-of-mind among Singaporeans, there is significant value in employers offering financial education and implementing automated savings programmes. While it is better to have these initiatives in place prior to an economic downturn, introducing them at the soonest possible time can still have a positive impact on employees.
The last word
The evidence cannot be ignored: a mentally healthy workplace has a positive impact on society and businesses – and employers play a pivotal role in ensuring their workforce is supported.
As times change, Singaporean culture must evolve accordingly. The old rise-and-grind attitude and long, hard work hours are meeting the force of a new generation that has very different expectations of their employers. Our global research reveals that workers have better mental health scores with employers who showed visible support for mental health.
When businesses deliver this, they boost employee engagement, their bottom line and contribute to a better economy.
The writer is senior vice-president and managing director APAC at Telus Health
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